eXtra opens maiden store in Yanbu

Updated 27 May 2012

eXtra opens maiden store in Yanbu

United Electronics Company (eXtra), Saudi Arabia’s leading consumer electronics and home appliance retailer, has announced the opening of its first store in Yanbu, enhancing the company’s presence and bringing its nationwide network to 25 branches.
The 1,500 square-meter store in Yanbu will serve a growing population of 250,000 people living in over 75,000 houses, with each family spending on average SR 3,500 on electronic goods every year.
The total amount spent each year on electronics and home appliances in Yanbu is estimated to be approximately SR 250 million.
“We are delighted to announce the opening of our first store in Yanbu, adding to our network of stores serving customers in the Western Region,” said Mohammad Galal, CEO, United Electronics Company (eXtra).
“Our new opening in Yanbu validates our relentless commitment to reach our clients across the Kingdom, wherever they may be. This is also in line with our expansion goals which aim to see eXtra having 40 branches across Saudi Arabia by 2015. The opening of this branch follows the opening of seven stores last year, as well as one store in Jizan this year, and we have plans to open three more by the end of the current year.”
More than ten million shoppers visit eXtra’s stores annually, making it one of the fastest growing companies in the Kingdom, according to the recent ranking by the Saudi Arabian General Investment Authority (SAGIA).
Offering over 12,000 different products — including an enormous range of leading international brands — eXtra ranks first in terms of the number of stores and products it offers in Saudi Arabia.


Investors, scientists urge IEA to take bolder climate stance

Updated 30 May 2020

Investors, scientists urge IEA to take bolder climate stance

  • The energy agency’s head is under pressure to align its policies with the 2015 Paris accord goals

LONDON: Fatih Birol, the head of the International Energy Agency (IEA), faced renewed calls to take a bolder stance on climate change on Friday from investors concerned the organization’s reports enable damaging levels of investment in fossil fuels.

In an open letter, investor groups said an IEA report on options for green economic recoveries from the coronavirus pandemic, due out in June, should be aligned with the 2015 Paris accord goal of capping the rise in global temperatures at 1.5C.

The more than 60 signatories included the Institutional Investors Group on Climate Change, whose members have €30 trillion ($33.42 trillion) of assets under management, scientists and advocacy group Oil Change International.

“Bold, not incremental, action is required,” the letter said.

The Paris-based IEA said it appreciated feedback and would bear the letter’s suggestions in mind. It also said it had been recognized for leading calls on governments to put clean energy at the heart of their economic stimulus packages.

“We have backed up that call with a wide range of analysis, policy recommendations and high-level events with government ministers, CEOs, leading investors and thought leaders,” the IEA said.

Birol has faced mounting pressure in the past year from critics who say oil, gas and coal companies use the IEA’s flagship World Energy Outlook (WEO) annual report to justify further investment — undermining the Paris goals.

Birol has dismissed the criticism, saying the WEO helps governments understand the potential climate implications of their energy policies, and downplaying its influence on investment decisions.

FASTFACT

1.5°C

The 2015 Paris accord aims to cap the rise in global temperatures at 1.5C.

But campaigners want Birol to overhaul the WEO to chart a more reliable 1.5C path. The world is on track for more than double that level of heating, which would render the planet increasingly uninhabitable, scientists say.

The joint letter followed similar demands last year, and was published by Mission 2020, an initiative backed by former UN climate chief Christiana Figueres.